Today’s that day. That day in time when hover cars were to ferry us from here to there effortlessly. Despite Elon Musk’s protestations to the contrary, we’re not quite there yet, though that day is clearly coming. While it’s not as interesting as hover cars (but infinitely more practical), mobility has ushered in a “forward to the past” aesthetic for today’s brands-- particularly retailers.
Marketers have enjoyed a long love affair with lingo and inside speak.
It's easy to throw around terms like PPC in meetings and assume, typically correctly, most in the meeting will understand.
But customers are now seeking guidance on everything from data privacy to the Internet of Things (IoT) and it may be up to marketers to help them understand.
It's easy to fall into the trap of speaking as we speak to one another, instead of really articulating what the customer or prospect needs to understand in order to not only consider a brand's offer, but to eventually gain long-term loyalty.
What does this mean for marketers?
Marketing starts way before it used to, and prospects often discover brands in ways we can't track, such as word-of-mouth referrals or the scary-sounding "dark web." People are seeking information on how to solve issues, understand what's happening next or just what their friend is posting about on social media.
Education about products should be in the greater scheme of a customer's life. This means marketers must understand not only who their customers are but how they travel through the customer journey. Mapping the customer journey is a start, but marketers have to work across functions and... Read more
We tend to buy from people we like, even when they’re offering the same products or services for the same prices (or even higher) than people we don’t like. Are we being foolish, or just being human?
More than 95% of human thinking is driven by non-conscious influences. This means we often don’t even know why we react the way we do. Our emotions, typically, are driven by interactions we've had with other people.
Remember your last bad day at the office? Customers were unhappy, employees were crabby, and then your internet connection disappeared. At the end of a day that seemed too long to bear but too short to straighten everything out, what if a client called to express their gratitude for an excellent experience? You were able to go home with a smile on your face. When you talk about that day six months later, you’ll likely refer to the lows (feeling bad about all the things that went awry) and the highs (feeling proud of making a client so happy they called to tell you about it.)
Create Memorable Experiences with the Peak-End Rule
Peaks in all experiences are what create the memories. The highs and the lows are what customers... Read more
What’s the return on investment (ROI) of a loyal customer?
People ask me this question all the time. It’s a great question, and the answer is not as straight-forward as you might think.
The equation is much simpler for customer acquisition expenses and returns.
1 customer > 0 customers
It’s easy to exclaim: We’re winning! We’re on top! If we invest $5.00 in customer acquisition, and we get a customer for $19.99, then it’s easy to see we’ve quadrupled our investment. Yay for us!
The mathematics behind customer loyalty is messy. It’s much more difficult to calculate, there is no simple equation for how to get a solid figure, and it depends on factors that fluctuate, such as discounts. The fatal error, however, occurs when we ignore customer loyalty. You see, even if calculating the customer lifetime value (CLV) is too daunting, you can get still get a good idea of your customer churn rate.
For an excellent explanation and walk-through of CLV, check out this infographic from KISSMetrics.
Keeping it real, churn-style
Churn is a little easier to digest. For the sake of keeping it simple: it’s literally the number of customers you acquire versus the ones you happen to be losing. If you gain 100 customers in a... Read more
Brands that regard their websites as a primary revenue source have three distinct priorities: give customers an optimal experience, create loyalty and convert potentially passive browsers into active buyers.
It’s not a coincidence that experience and loyalty precede sales in this short priority list; the relationship between exceptional customer experiences and revenue growth is fairly direct. The better your website speaks to your visitors, the more loyal they will become and the more sales you will generate.
The good news is that customers can (and should) be very active in the optimization process. Through their clicks, page views, bounces, reviews and purchases, our online customers are offering us helpful feedback about their online experiences, in real time.
So what can you do with all this data?
Using A/B and multivariate testing to discover your problem areas is a great first step. In fact, if you’re running an ecommerce site without testing in place, you’re probably losing valuable conversions and dollars as you read this.
No matter where you begin, whether it’s with shopping cart funnels, homepage bounce rates, search or call-to-actions, testing different variations of elements encountered along the path to purchase — and deciding which ones produce the highest conversions — will begin... Read more